Government tries to reduce legal expenses

Keeping track of those elusive banking expenses can help you manage your budget.

10:50 05 July 2013

In recent news it was brought out that legal aid costs about £2 billion every year and the government is attempting to create competition through choice availability. This brings up an interesting point, that there are a lot of banking concerns, which tend to remain in the background and especially in the case of personal finances are easy to overlook.

Here are a few banking amounts that you may want to keep in mind when you are outlining your budget.

• Clothing expense—many of us do not shop for clothing on a monthly basis, so often times we do not allot anything for clothing expenses in our banking plans. Clothing is a necessity, so you could set a yearly amount and then break it into a monthly amount, which could then be worked into your budget.

 

• Vehicle maintenance—we always hope that expensive vehicle repairs will not happen, but if we do not take care of basic maintenance, we can be assured that there will be a more expensive problem down the road that will take a heftier toll on our banking. You will probably need to do some basic maintenance at least every three months.

 

• Gifts—it is easy to overlook gifts when setting banking goals. Even if there are actual amounts set for gifts, many people have a tendency to spend more than they set aside. Remember that gift budgets should include major holidays, birthdays, and anniversaries and be sure to plan a realistic amount, but then adhere to the amount.

 

• Furnishings—thankfully our home furnishings do not always need to be replaced, but once in a while, they do become ruined due to a variety of occurrences. Replacements can severely impact your banking account.

 

• Health items—you may already include health items as part of your grocery budget, but if not you may consider adding that into your banking scheme. It would include products like vitamins and supplements.